Quinn makes 48c Barlo offer
Mr Quinn's offer is 8 cents, or 20%, higher than the previous bid for the company by its chief executive Tony Mullins earlier this year, and values Barlo at €84 million.
And Mr Quinn's offer looks almost certain of success as he has acquired a further 22.6 million shares in the company, which brings his total stake up to 29%.
Last week, his Cavan- based group bought 14.6% of the company's shares held by financier Dermot Desmond. Sarcon, the Northern Ireland-based subsidiary of the Quinn Group said it believed the offer by Melgan Dr Mullins's bid vehicle did "not represent fair value for Barlo shareholders".
It is understood the independent directors of Barlo are recommending Sarcon's offer. Mr Quinn said his price is 92% higher than the Barlo share price before Dr Mullins first approached the firm about an offer last July.
It is not known if he will make a counter bid for the firm, where he has been in charge for the last 14 years, but he faces an uphill task.
As part of Meglan's offer a competing bid could have been launched prior to March 12 at 44 cent per share, which Dr Mullins would have been obliged to accept.
Barlo Group has adjourned an EGM of shareholders which was to be held this morning to approve the sale of its Athlone Extrusions plastics division to its management for €70m. The proceeds of this sale would have financed part of Melgan's bid.
The Northern Ireland- born Mr Quinn is head of one of the largest family-owned enterprises in the country.
The Quinn Group is Cavan-based and is involved in insurance, cement and glass manufacturing and running hotels. The firm is estimated to have annual turnover in excess of €650m and profits of €100m.
